The 2014 EU budget was the first one to be implemented under the 2014-2020 multiannual financial framework (MFF). It was also the first budget in EU history that was lower than the previous year's. It amounted to EUR 143 billion in commitments, representing around 1 % of EU gross national income...

This report contains four sections: overview, revenue, expenditure and annexes. Section I presents an overview of EU finances in 2011. It introduces the multiannual financial framework (MFF), including its role and structure and the specific activities that take place under the annual budgetary...